Smaller CU loans sought

The largest single loan made by Kilcullen Credit Union in the last year was €50,000, the recent AGM of the organisation heard.

In response to a question from the floor, Pat Stafford said the loan was secured by property and was 'performing very well'.

In all, 481 loans totalling €1.3m were issued in the year ending 30 September 2013. Pat Stafford noted that the amount of individual loans sought had become considerably less.

"For instance, some years ago an average Christmas loan would be in the order of €2,200," he said. "But now it's around €1,000. People are cutting their cloth according to their measure."